Business

Fashion chain Zara closes all stores in Russia to protest the war in Ukraine

Zara’s parent company said it would close stores due to Russia’s all-out invasion of Ukraine, as well as its Bershka, Massino Duti and Pull & Bear brands.

A view of the Zara store in Moscow, Russia on March 5, 2022
Zara’s parent company, Inditex, closes hundreds of stores

Fashion chain Zara has become the latest company to stop doing business in Russia due to Invasion of Ukraine.

Russian troops enter Ukraine 12 days ago and the United Nations says hundreds of Ukrainian civilians have been killed.

In response, dozens of companies have announced sanctions against Russia, and many have closed their stores in the country.

Today, Zara’s parent company, Inditex, has closed 502 stores in Russia and 79 stores in Russia. Ukraine.

Like Zara, Inditex owns Bershka, Massino Duti and Pull & Bear.

Inditex said revenue from Russia accounted for 8.5% of earnings before interest and taxes.

An Inditex statement said: “In the current circumstances, Inditex cannot guarantee the continuity of commercial activities and conditions in the Russian Federation and temporarily suspends its activities.”

Inditex employs more than 9,000 employees in Russia.

The company said it would set up a relief plan for these workers, but did not give details.

Inditex’s actions against Russia join dozens of others.

The English Football Federation has suspended all matches against Russia due to the war in Ukraine. It appears as Fifa stripped Russia of the right to host the match.

Volvo has suspended shipments of cars and heavy-duty trucks to Russia after it invaded Ukraine.

The Swedish carmaker cited “potential risks associated with the trade in materials with Russia, including sanctions imposed by the EU and the US” as a factor in its decision. .

Last week Ikea announced that it will be temporary suspend business in Russia due to war.

The Swedish flatpack furniture giant confirmed it will suspend all retail operations in the country in an update today.

The move is expected to affect about 15,000 workers at 14 Ikea stores in Russia.

H&M, Asos, Adidas and Wetherspoon All confirmed that they temporarily ended business with Russia following the large-scale attack, while Apple, Disney, and Warner have also issued updates.

It comes after a number of British energy companies, including BP and Shell, also severed their links with Russia.

The English Football Federation has suspended all matches against Russia due to the war in Ukraine, while Fifa has stripped Russia of the right to host the match.

And the famous CompareTheMarket ads featuring meerkats with Russian accents are being played taken from TV news program due to war.

The commercials, which featured fictional rich Russian meerkat Aleksandr Orlov and a cast of supporting characters, have been running since 2009.

Visa and MasterCard have both blocked several Russian financial institutions from their networks, dealing another heavy blow to the country’s economy.

Visa and MasterCard together process 90% of all debit and credit card payments outside of China.

A series of bars and hotel companies in the UK have stopped selling Russian vodka in a move of solidarity with the people of Ukraine.

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https://www.mirror.co.uk/money/fashion-chain-zara-shuts-stores-26405954 Fashion chain Zara closes all stores in Russia to protest the war in Ukraine

Fry Electronics Team

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